Jenny Corp. needs to raise $48 million to fund a new project. The company will sell shares at a price of $28.00 in a general cash offer and the company's underwriters will charge a spread of 6.5 percent. The direct flotation costs associated with the issue are $675,000. How many shares need to be sold?

Multiple Choice

• 1,786,765 shares

• 1,609,658 shares

• 1,714,286 shares

• 1,661,972 shares

• 1,859,244 shares